PGN earning stagnates at Rp6.2 trillion - Insider Stories

Net income of a gas distributor and transmitter, PT Perusahaan Gas Negara Tbk (PGN) last year, was reported unchanged at the level of Rp6.2 trillion, even though the operating income climbed by 17.71%.

PGN scooped net income by Rp6.24 trillion in 2010 or a strengthening of 0.16%, from Rp6.23 trillion in 2009. The stagnation of net income was mainly stimulated by other net expenses to go up at Rp972.55 billion, although the other net revenues was booked at Rp571.15 billion in 2010.

The main contribution of other net expenses came from loss on change in net fair value of derivatives by Rp561.59 billion, interest expense by Rp371.63 billion, and loss on foreign exchange by Rp368.69 billion.
Nevertheless, the state-run gas distributor reported higher operating income by 17.71% to Rp9.04 trillion from Rp7.68 trillion leading to higher operating margin to 45.73% from 42.62%.

Meanwhile, gross income of PGN rose by 16.11% to Rp12.54 trillion from Rp10.80 trillion. Then, its revenue also advanced by 9.71% to Rp19.77 trillion from Rp18.02 trillion.